Barton Products Limited (00176234): administration
- Status
- Administration ended
- Administration began
- 2011-12-23
- Administrators
- William John Kelly, Nigel Price
- Administrators' firm
- Begbies Traynor
- Incorporated
- 1921-08-11
- Location
- Birmingham
- Industry
- 3611
Why it went into administration
- HMRC / tax arrears
- Cash flow / liquidity pressure
- Loss of a key customer, supplier or contract
From the administrators' statement
BTG Restructunng, a division of Begbres Traynor pic, was initially instructed in October 2010 on this matter by Barclays Bank plc to undertake an Independent Business Review The pertinent points of that review concluded that the Company had lost several key customers over the preceding five years, suffenng a 40% reduction tn annual turnover dunng the same penod The Independent Business Review was undertaken at the request of the Bank with a view to them resttuctunng the Company's lending and therefore allowing the Company to re-organise following the loss in tumover being suffered
The Company had, tn recent years, been reporting losses on an annual basis and had suffered several cash flow pressure points Steps had been taken to alleviate the pressures being suffered over the past calendar year with the help of all of the Secured Creditors and the Company's financial advisors, Mumby Heppenstall
In December 2011, HM Revenue & Customs served notice upon the Company that it required the arrears of PAYE & NIC to be paid up to date, with failure to do so resulting in the threat of a winding up petttton being served The Company was not in a position to bnng the arrears up to date and HMRC were unwilling to discuss any further arrangements for entenng into a time to pay scheme tn hght of the Company not adhering to past schemes agreed The Company considered a Company Voluntary Arrangement (“CVA”) with its creditors, though followng a bnef financial review in December 2011, it was not in a position whereby it would generate sufficient profits to sustain ongoing trading whilst also supporting contnbutions into a CVA
Administrators' statement of proposals (2012-02-16) · Companies House register